FTB Mortgage

peterc2609

Please see http://forums.moneysavingexpert.com/showthread.html?t=584664 for background!
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I've had some quotes from a mortgage broker person:

How do these sound?

Purchase £120,000 (If I get for this much!))
Mortgage £114,000 (95%)

Option 1:
-Fixed 6.79% until 30/11/2009
-Arrangement fee £499* can be added to loan
-Valuation fee £315 upfront
-Mortgage Indemnity Fee £1,907
-Solicitors’ fees you will need to pay
-Redemptions: 3% before 30/11/2008, then 2% before 30/11/2009, 10% per annum overpayments allowed without penalty

Monthly payment on 25 year term for £116,406* would be £658 on interest only

Option 2:
-Fixed 7.29% until 01/12/2009
-Arrangement fee £995* can be added to loan
-Valuation fee £505 upfront
-Mortgage Indemnity Premium FREE
-Solicitors’ fees you will need to pay
-Redemptions: 4% before 01/12/2009, unlimited overpayments allowed without penalty

Monthly payment on 25 year term for £114,995* would be £698 on interest only

"fees for arranging and dealing with your mortgage will be £400 this is due in 2 parts; £200 on full mortgage application and £200 on receipt of a formal mortgage offer. "

I have two satisfied defaults from 2003 and am self employed contractor, which is why they may seem high figures... but do they sound reasonable!?!?!

Thanks

homer_j_3

if your broker has searched the whole of market then it should be right. Without all details, its difficult to say if there is better for you.

The deals don't sound great or poor...

If you feel you need a 2nd opinion, seek one where a professional can fully understand your circumstances.

herbiesjp

Agree with Homer, as without knowing all your details cant say if they are good or bad

However if you can find a lender that will accept one years accounts, and you have a good explanation for the defaults, you could still get prime rates.

If that is the case, you can get deals lower than the ones you list above